Scotiabank lowered the firm’s price target on Biomea Fusion to $21 from $41 and keeps an Outperform rating on the shares. The FDA clinical hold allegedly due to emerging signals of liver toxicity in the dose escalation portion of COVALENT-111 significantly increases the risk associated with the BMF-219 diabetes development program, but an imminent repeal of the IND seems “unlikely,” the analyst tells investors. According to management, no alarming safety issues have occurred in the first 190 patients who completed dosing in the expansion portion of the trial, the firm adds. While the trial will be treating a smaller population than originally planned, the firm expects the outcome will still provide “unequivocal insight” into the future of BMF-219.
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